News: Front Section
Posted: June 15, 2018
MassHousing provides $1.5 million financing
to HallKeen Management
Nantucket, MA MassHousing has provided $1.5 million in financing to an affiliate of HallKeen Management. The MassHousing funding will enable HallKeen to make renovations to Academy Hill, a 27-unit mixed-income housing community for senior citizens, and to preserve affordability at Academy Hill’s affordable units for perpetuity.
Over the next two years, HallKeen plans to complete property improvements to Academy Hill, including accessibility improvements, masonry repairs, and building systems upgrades. The town has committed $250,000 in Community Preservation Act financing, for the repair of the historic building’s windows.
The town also extended the ground lease for Academy Hill, which will ensure that the property’s 12 affordable apartments remain affordable in perpetuity.
“Academy Hill is an important housing resource for senior citizens on Nantucket, and this transaction will allow the property to continue serving residents for as long as it is there,” said MassHousing executive director Chrystal Kornegay. “HallKeen Management and the Town of Nantucket were instrumental in not only making sure these repairs are made for the long-term use of the property, but also in preserving affordability for residents at Academy Hill for perpetuity.”
“HallKeen is pleased complete the refinancing of Academy Hill and to become the General Partner in Academy Hill Associates Limited Partnership. MassHousing, the Town of Nantucket and the former general partner (the Estate of Robert Kuehn) worked hard for several years to complete the transaction and we are thankful for their efforts to stabilize this important Nantucket property,” said HallKeen president and CEO Andrew Burnes.
MassHousing is providing a $1.5 million permanent loan to finance the capital improvements. HallKeen has managed the property for many years and recently became the general partner for Academy Hill.
The Academy Hill School was built in 1929 and converted to senior housing in 1986 with a combination of MassHousing financing and the use of historic tax credits. The property is located at 4 Westminster St. and is comprised of 2 studio apartments, 21 one-bedroom apartments and 4 two-bedroom apartments.
Of the 27 apartments, 12 are affordable to residents earning at or below 80% of the Area Median Income (AMI), while 15 apartments are rented at market rates. The AMI for Nantucket is $114,900 for a household of four.
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